The Singapore-based data analytics startup is also beefing up its product line with two new variants of its flagship product Maya
In the lead up to launching two new products, Crayon Data CEO Vikram Rao said the big data startup is also in the midst of a new funding round led by existing shareholders, with participation from a new set of investors.
“The current round of funding has been made accessible to a select set of investors. We expect to close this round in Q4, 2016,” said Rao, who declined to elaborate further.
As of March 2016, Crayon Data has secured undisclosed sums from Japan’s Mitsui & Co., and Indian tycoon and prolific investor, Ratan Tata. The investments are in addition to the S$10 million (US$7.19 million) previously raised in seed and Series A rounds participated by Jungle Ventures and SPRING Singapore.
Also Read: Mitsui & Co. invests in Singapore’s analytics startup Crayon Data
The four-year-old startup, which has a staff size of 85, will soon offer two more variants of its flagship product Maya, a tool that helps businesses offer personalised choices to their customers in the banking, hotel and digital media verticals.
The Maya Marketplace will help merchants create offers mainly in the dining and lifestyle sectors for consumers, and distribute them via an enterprise’s network; while Maya Audiences gives marketers access to real-life consumer behaviour patterns.
Rao added that the new products are in line with the company’s vision to simplify choices for consumers and merchants alike, as they have been designed to allow a better identification of target audiences based on tastes, purchase behaviour, content genres and so on.
“These products will address the problems of acquiring the right audiences, and also close the fulfillment loop. Maya will soon empower enterprises to engage their customers — from choice to commerce,” he said.
Details surrounding the public launch of the newest products have not been disclosed but the company revealed that “more details will be made available shortly.”
Also Read: 11 ways you’re wasting your company’s big data
Big Data has been gaining enormous traction in the past few years with some declaring it as the new oil.
According to the McKinsey Global Institute, big data, together with other disruptive technologies, are estimated to produce US$220 to 625 billion in annual economic impact for Southeast Asia by 2030.
Cris Duy Tran, a consulting analyst for digital transformation at Frost & Sullivan said: “Big Data has created a breakthrough in the era of Internet of things (IoT). Frost & Sullivan believes that Big Data Analytics has a major emphasis on enabling real time decisions and can enable manufacturers to bridge the gaps left at the design phase of the product.”
Earlier this year, the startup announced plans to expand into the Japanese market with Mitsui & Co. Mitsui and Crayon have also initiated product partnerships to localise Crayon Data’s products for Japanese clients in the hopes of a launch in 2017.
Founded in Singapore in 2012, Crayon Data currently has offices in Singapore, India, London, New York and Dubai.
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